The OECD has today launched its Green Growth Strategy and says governments must look to the green economy to seize opportunities and new sources of growth and jobs.
According to the OECD, green growth makes economic sense, as well as environmental sense.
It says governments should put in place policies that tap into the innovation, investment and entrepreneurship driving the shift towards a greener economy.
In natural resource sectors alone, the OECD report Towards Green Growth anticipates that commercial opportunities related to investments in environmental sustainability could run into trillions of dollars by 2050.
Green growth strategies
“This report shows that green and growth can go together,” said OECD secretary-general Angel Gurría today. “With the right policies in place, we can create jobs, increase prosperity, preserve our environment and improve the quality of life; all at the same time.”
Greening growth now, the report argues, is necessary to prevent further erosion of natural capital, such as increased scarcity of water and other resources, more pollution, climate change and biodiversity loss.
In terms of green innovation, the OECD says green technology development is accelerating in certain areas. Between 1999 and 2008 it points to how patented inventions increased annually by 24pc for renewable energy, by 20pc for electric and hybrid vehicles and by 11pc for energy efficiency in building and lighting.
The OECD said Japan, Germany and the US led patent applications in clean technologies.
The Green Economy 2011
Business & Leadership will be hosting The Green Economy 2011 on the morning of 31 May at the Four Seasons Hotel in Dublin.